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GASB issues guidance on certain asset retirement obligations

  • GASB document Image

Dec 07, 2016

The GASB has issued Statement No. 83, “Certain Asset Retirement Obligations.”

State­ment 83 “establishes criteria for determining the timing and pattern of recognition of a liability and a corresponding deferred outflow of resources for AROs” and “requires that recognition occur when the liability is both incurred and reasonably estimable.”

State­ment 83 applies to all state and local gov­ern­ments and is ef­fec­tive for re­port­ing periods be­gin­ning after June 15, 2018. Early ap­pli­ca­tion is en­cour­aged.

For more in­for­ma­tion, see the press release and State­ment 83 on the GASB’s Web site.

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